Citizens and residents of the United States must file an FATCA if that person has a financial interest in or signature authority over any financial account(s) outside of the United. if you have more than $200,000 of specified foreign financial assets at the end of the year and you live abroad; or more than $50,000, if you live in the United States. If you file jointly with your spouse, these thresholds double.

The FATCA is a calendar year report and must be filed on or before April 15 of the year following the calendar year being reported.

If you must file FATCA and do not do so, you may be subject to penalties: a $10,000 failure to file penalty, an additional penalty of up to $50,000 for continued failure to file after IRS notification, and a 40 percent penalty on an understatement of tax attributable to non-disclosed assets.